Wells Fargo pledges more than $30 billion in environmental investments

Diversified financial services company Wells Fargo announced that it will be investing at least $30 billion by 2020 in loans and other investments in support of a “greener” economy, which will include $100 million in community grants for grassroots environmental initiatives. The company also made a pledge to increase energy efficiency by 40 percent.

The company said the loans intend to support wind and solar energy, clean technologies, energy efficient buildings, environmental innovation, and “environmentally responsible public financing.”

Wells Fargo said it will also be using an environmental and social risk management approach focused on responsible ways of doing business together with business customers.

In addition, it also plans to raise awareness of products and services that can “help customers succeed financially as well as protect the environment” through marketing and communications.

Within the $100 million worth of community grants, the company said it will support innovations led by nonprofits and universities, to promote clean technology that will break down barriers to the green industry’s growth.

Meanwhile, aside from the proposed 40 percent increase in energy efficiency, Wells Fargo also aims to have a 65 percent waste diversion rate; reduce absolute greenhouse gas emissions below 2008 levels by 35 percent; and have 35 percent of its buildings achieve Leadership in Energy and Environmental Design certification.

“Our research shows more than 80 percent of our consumers think environmental issues are important,” said Mary Wenzel, Wells Fargo’s director of Environmental Affairs.